For information to directly understand the Individual Voluntary Arrangement (IVA), please visit the website links of Official Receivers Office.

- Simple Guide on Individual Voluntary Arrangement
- Individual Voluntary Arrangement: The Main Processing Stages

According to The Bankruptcy Ordinance, Cap 6 section 20, Individual Voluntary Arrangement (IVA) is an alternative for people who are facing bankruptcy.

The debtor is required to submit a proposal on how he or she will repay his/her creditors. This is done through the Court to get an Interim Order, as well as to get the approval of all creditors, the repayment proposal to all creditors will be binding and legally executed.

IVA is suitable for:

  • Debtor who has a stable income and the debt exceeds 10 times of his/her monthly salary
  • Debtor whose occupation is too sensitive to apply for bankruptcy

1st Stage

  • Debtor brings along the related documents including debts and income statements to IBC for a free consultation and analysis. After we accept the case, Mr. James Ng, our Nominee will prepare the repayment proposal

1 day

  • Debtor will take an oath, and the solicitor will take an Interim Order application to the Court for filing.

within 2 weeks


2nd Stage

  • Hearing in the Court and grant of the IVA Interim Order

3 months

  • Post the creditors meeting notice

3 1/2 months


4 months


3rd Stage

  • Creditors or their representatives will vote and it should be passed by a majority (that is, it must exceed 75% of the attended creditors total debt amount). Then, IVA can be executed and the debtor will be obligated to pay the monthly repayment to the nominee. The nominee will make payment to the creditors.


Interim Order

Upon the Court making an Interim Order, there is a period during which no bankruptcy or other legal proceedings may be taken or continued against the debtor without the permission of the Court. Where the debtor is an undischarged bankrupt, the Interim Order may contain the Courts directions on the conduct of the bankruptcy and the administration of the estate during the period for which the order is in force.

Case Acceptance

Based on our very extensive experience of the management of IVA cases, we are flexible when dealing with different situation for our clients. No matter how serious the debts or how complex the background information may be, we are supported by the wealth of knowledge gained from previous successful cases. (Of course, we do only accept the feasible cases as some cases are not suitable for an IVA solution and we would not suggest that our clients waste any money and time.)

Repayment Proposal

The repayment proposal is a proposal drafted by our experienced nominee to balance the benefits between the debtors and the creditors. This proposal suggests the monthly repayment amount, tenor, interest, as well as the debtors daily expenses; it also lists the applicants assets such as real estate, vehicle, insurance policy and pension fund, etc..

Creditors meeting

IBC staff will use their proven negotiation skills and good relationships with the creditors to formulate the best IVA solution for the applicants and debtors.